Inventory financing under Risk-Adjusted-Return-On-Capital criterion

Risk-Adjusted-Return-On-Capital (RAROC) is a loan-pricing criterion under which a bank sets the loan term such that a certain rate of return is achieved on the regulatory capital required by the Basel regulation. Some banks calculate the amount of regulatory capital for each loan under the standardized approach (“standardized banks,” the regulatory capital is proportional to the loan amount), and others under the internal rating-based (IRB) approach (“IRB banks,” the regulatory capital is related to the Value-at-Risk of the loan). This article examines the impact of the RAROC criterion on the bank's loan-pricing decision and the retailer's inventory decision. We find that among the loan terms that satisfy the bank's RAROC criterion, the one that benefits the retailer the most requires the bank to specify an inventory advance rate in addition to the interest rate. Under this loan term, the retailer's inventory level is more sensitive to his asset level when facing an IRB bank compared to a standardized bank. An IRB (standardized) loan leads to higher profit and inventory level for retailers with high (low) asset. For retailers with medium asset, an IRB loan results in a higher retailer profit but a lower consumer welfare. Calibrated numerical study reveals that the benefit of choosing standardized banks (relative to IRB banks) can be as high as 30% for industries with severe capital constraints, volatile demands, and low profit margins, highlighting the importance for retailers to carefully choose the type of banks to borrow from. When the interest rate is capped by regulation, retailers borrowing from a standardized bank are more likely to be influenced by the interest rate cap than those borrowing from an IRB bank. Under strong empire-building incentives (the bank will offer loan terms to maximize the size of the loan), retailers with medium initial asset level shift their preference from IRB banks to standardized banks.     

排液槽对折板捕雾器性能影响数值模拟

为研究气液分离器内使用的折板式捕雾器的流场特性及排液槽对其性能的影响,利用流体动力学计算软件Fluent,采用Low-Re Stress-Omega模型和DPM两相流模型,对捕雾器气液两相流流场进行了数值模拟。通过对比安装排液槽前后捕雾器内流场,分析了排液槽对捕雾器流场速度、液滴运动轨迹的影响;发现排液槽能大幅提高捕雾器的除雾效率,10μm以上液滴基本能够全部去除,但是也会使除雾器压降急剧增大。最后研究了排液槽主要结构参数——折弯直径和长度对捕雾器性能的影响,发现增大排液槽折弯直径和长度均能增加除雾效率,但同时也会增大进出口压降。     

交流杂散电流对埋地钢质管道腐蚀危害实验

为探究交流杂散电流的影响因素及其对阴极保护系统的影响,搭建交流干扰腐蚀实验平台研究了土壤电阻率、干扰电压大小、涂层电阻率和通断时间比对交流杂散电流密度的影响;采用腐蚀试片失重法研究了交流杂散电流密度对腐蚀速率的影响以及阴极保护电位分别为-850 mV和-1 000 mV时对阴极保护系统的影响。实验结果表明:土壤电阻率、干扰电压大小、涂层电阻率和通断时间比对交流杂散电流密度具有较为显著的影响;阴极保护电位为-1 000 mV时,即使交流电流密度为20 mA/cm2,腐蚀试片也能得到有效保护。因此,埋地管道应采用绝缘性能好的防腐涂层,规划合理的铺设路线,并在运行过程中采取强制电流阴极保护系统,设置合理的阴极保护电位。     

分布式态势感知一致性分析与度量方法研究

一致的态势感知,是现代武器、火力系统以及部队紧耦合协同作战的基础。本文以分布式态势感知理论为依据,从系统的角度,构建了团队达成一致态势感知过程的动力学模型;以系统内部一致性、外部一致性和一致所需最短时间为指标,给出了团队态势感知一致性的度量方法。仿真结果表明,适当地提高团队内沟通的广泛度和相互作用强度,选择合适的沟通网络,对提高一致性能力有积极的作用。     

Information disclosure with endogenous channel structure

This article investigates the firms' optimal quality information disclosure strategies in a supply chain, wherein the supplier may encroach into the retail channel to sell products directly to end consumers. We consider two disclosure formats, namely, retailer disclosure (R-C) and supplier disclosure (S-C), and examine the optimal disclosure format from each firm's perspective. We show that either firm prefers to delegate the disclosure option to its partner when the supplier cannot encroach. However, the threat of supplier encroachment dramatically alters the firm's preference of disclosure. The supplier may prefer the S-C format to the R-C format when the entry cost is low and the disclosure cost is high to achieve a higher quality information transparency. Meanwhile, the retailer may prefer the R-C format to the S-C format when the entry cost is intermediate to deter the possible encroachment of the supplier. In this sense, the firms' preferences of disclosure format can be aligned due to the threat of supplier encroachment. The consumer surplus is always higher under the S-C format while either disclosure format can lead to a higher social welfare. We also consider an alternative scenario under which the supplier encroaches after the product quality information is disclosed. An interesting observation appears that the supplier may encroach when the product quality is low but foregoes encroachment when the product quality gets higher.     

兵团文化对兵团大学生价值观的影响及对策

兵团文化是兵团精神的集中反映,是兵团在长期历史发展过程中所形成的独特、稳固、持久而强烈的兵团精神的体现。兵团大学生作为兵团年轻一代的建设者和接班人,其价值观受到兵团文化的影响,在一定程度上对兵团文化的继承和创新起着举足轻重的作用。文章旨在调查兵团文化对兵团大学生价值观的影响,并为更好地弘扬兵团文化在大学生价值观教育中的作用提出相应对策。     

某型飞机魔球信号采集与分析

从阐述魔球操作对目标瞄准的实现机制入手,分析了数据采集系统的总体结构及采集系统的硬件设计和软件设计思想.实现了对飞机魔球信号的实时采集,并对采集结果进行仿真分析,从而推导出不同相关武器种类、目标与弹轴不同夹角、不同目标距离、不同工作状态下魔球信号的变化规律.     

Mitigation effects on the reflected overpressure of blast shock with water surrounding an explosive in a confined space

The mitigation of blast shock with water has broad application prospects. Understanding the mitigation effects on the reflected overpressure of the explosion shock with water surrounding an explosive in a confined space is of great significance for military explosives safety applications. To estimate the effects of the parameters on the reflected overpressure of blasted shock wave, a series of experiments were carried out in confined containers with spherical explosives immersed in a certain thickness of water, and numerical simulations were conducted to explore the corresponding mechanisms. The results reveal that the reflected overpressure is abnormally aggravated at a small scaled distance. This aggravation is due to the high impulse of the bulk accelerated water shell converted from the explosion. With increasing scaled distance, the energy will be gradually dissipated. The mitigation effects will appear with the dispersed water phase front impacting at a larger scaled distance, except in the case of a dense water phase state. A critical scaled distance range of 0.7—0.8 m/kg1/3 for effective mitigation was found. It is suggested that the scaled distance of space walls should be larger than the critical value for a certain water-to-explosive weight ratio range (5—20).     

An experiment evaluating how the tiny mass eccentricities in spin-stabilized projectiles affect the position of impact points

This study investigates and quantifies some possible sources affecting the position of impact points of small caliber spin-stabilized projectiles (such as 12.7 mm bullets). A comparative experiment utilizing the control variable method was designed to figure out the influence of tiny eccentric centroids on the projectiles. The study critically analyzes data obtained from characteristic parameter measurements and precision trials. It also combines Sobol's algorithm with an artificial intelligence algorithm—Adaptive Neuro-Fuzzy Inference Systems (ANFIS)—in order to conduct global sensitivity analysis and determine which parameters were most influential. The results indicate that the impact points of projectiles with an entry angle of 0° deflected to the left to that of projectiles with an entry angle of 90°. The difference of the mean coordinates of impact points was about 12.61 cm at a target range of 200 m. Variance analysis indicated that the entry angle — i.e. the initial position of mass eccentricity — had a notable influence. After global sensitivity analysis, the significance of the effect of mass eccentricity was confirmed again and the most influential factors were determined to be the axial moment and transverse moment of inertia (Izz Iyy), the mass of a projectile (m), the distance between nose and center of mass along the symmetry axis for a projectile (Lm), and the eccentric distance of the centroid (Lr). The results imply that the control scheme by means of modifying mass center (moving mass or mass eccentricity) is promising for designing small-caliber spin-stabilized projectiles.     

Influence of a liquid-filled compartment structure on the incoming shaped charge jet stability

Liquid-filled compartment structure consists of a bulk steel plate with matrix blind holes which are filled with liquid and a steel front plate to seal up the liquid with rings and bolts.The liquid-filled compart-ment structure can resist the shaped charge warhead effectively.This paper presents experimental and theoretical investigations of the penetration ability of the residual shaped charge jet emerging from the liquid-filled compartment structure after the penetration process at different impact angles.On the basis of shock wave propagation theory,the influence of the liquid-filled compartment structure on jet sta-bility is analysed.The interferences of the liquid backflow caused by a reflected shock wave and a back plate on jet stability under different impact angles are also examined.In addition,the range of the disturbed velocity segments of the jet at different impact angles and the penetration ability of the re-sidual jet are obtained.A theoretical model is validated against the experimental penetration depths.